For instance, if I have outstanding credit cards balance but suddenly a freight train kisses me on the forehead. Who will have to take responsibilities for my debts?
Now, I%26#039;m not married and don%26#039;t have any dependant. Can my mom/pop be held responsible? How about if someone%26#039;s single and an orphan?
I assume banks will have to take the loss, but I%26#039;m not sure (judging from movies I%26#039;ve seen) that%26#039;s the case. Also, is it standardized with every banks around the world?
Who will be liable for credit card debts if the holder passed away?
- Right! (both above).
You will have an estate, which may or may not satisfy your debts.
Your creditors will assess your estate, and make a decision through the courts, as to how much (percentage on the dollar) is owed them, and the executor (person, bank, parents) will be notified as to what will be left over.
Who will be liable for credit card debts if the holder passed away?
If someone co-signed on your credit app, they could be held responsible. Otherwise, the bank%26#039;s sole recourse is to whatever property (estate) you leave.
Who will be liable for credit card debts if the holder passed away?
your estate will have to pay the debts i believe then again if you don%26#039;t own a house or properties i think the bank takes the lose .. your parents will not have to pay them unless their names are on the cards to and that goes for all bills..
Who will be liable for credit card debts if the holder passed away?
ok well if you arent married they would either your mum or father would pay it if they refused they would take your house or anything you did own.. also orphan someone who co-sighned your signature thing umm also
Who will be liable for credit card debts if the holder passed away?
Your estate will if the cc companies find out the person is dead and file to attach to the estate within 6 months.
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